EURUSD and USDJPY in remarkably robust trend channels

EUR/USD

4 hour

The EUR/USD is building a bearish correction towards the 38.2% Fibonacci level of wave X (blue).

1 hour

The EUR/USD is in pro-longed corrective bearish channel. A break below the 50%/61.8% Fibonacci increases the likelihood that price is not retracing but reversing. A break above resistance (red) increases the chance that the bearish price action is a retracement.

GBP/USD

4 hour

The GBP/USD made a pullback towards the 38.2% Fibonacci level of wave 4 (green) after completing wave 3 (green) yesterday.

1 hour

The GBP/USD made a seemingly impulsive bullish correction towards the 38.2% Fib, which has been labeled as a wave A (green). This could be part of a larger ABC. A break below support (green) could a bearish breakout. A break above the 50% Fibonacci level and resistance trend line (red) could alter the wave structure.

USD/JPY

4 hour

The USD/JPY remains in a sideways consolidation zone (orange/green). Price is building a shallow bullish channel and has potential resistance above it due to the Fibonacci levels of wave B (blue).

1 hour

The USD/JPY has reached a 78.6% Fibonacci retracement level. A bearish turn could confirm the completion of wave B (blue). A break above the 100% level indicates the invalidation of the potential ABC.

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